Many entrepreneurs and their management teams don't devote enough time or attention to the process of preparing annual budgets, especially when they operate in rapidly growing or uncertain markets. A financial plan in a private company is at risk of becoming gradually ignored over time, devaluing the operational benefits of measuring performance against budget and the process next time round. With a careful and efficient planning process a business will set a much clearer picture of where it is heading, knowing what to do at each stage to hit and exceed targets, but also how to react when these are missed. With the benefit of our collective experience of managing hundreds of budgets and plans, we have put together some top tips on making your budgets more robust, realistic and valuable. Get everyone involved - It is a common place misconception that your finance team puts a budget together. A business plan and its budget should be produced by the collective planning and thinking of … [Read more...]
LGBA Marketing Advisor, Susanne Currid, Appears As Expert Judge On The Apprentice Final 2017
Congratulations to our colleague and marketing advisor, Susanne Currid who recently participated as an expert judge on the final of The Apprentice on BBC1. Susanne told us, “Back in June, I had a very unexpected email. A TV producer had got in touch and asked me if I would be available to act as an expert judge on a show they were recording. Little did I realise at the time that she was talking about BBC1’s The Apprentice. A week later, I found myself sitting at a table in City Hall with leading business directors, expert advisors, Lady Karren Brady, Claude Littner and Lord Alan Sugar. To say the situation felt surreal is a bit of an understatement. However, I was also very excited and honoured to take part in such an iconic TV moment. I was delighted to take part and to have a chance to quiz the candidates on their pitch during the recording session. Well done to James White and Sarah Lynn on their surprise double win. They were both credible candidates with particular strengths … [Read more...]
Excel automation
Not more spreadsheets to analyse and chart… Always a regular cry in the office. Reports produced on a regular basis need to be embellished, with charts that involve some fairly complicated calculations – cross-reference look-ups, previous month comparisons, and all that sort of thing. Probably, now this is done largely by hand. The data sits in several spreadsheets and/or databases, and is extracted, filtered, pivoted and everything else that was necessary to get it ready, before feeding into a chart. When the chart was ready, it is pasted into the report. Wouldn’t it be great with the data is all in one place, and with a single front-end, the necessary criteria set from drop-downs. Once these selections have been made (locations, benchmarks, which dataset to use, and so on) you click a button and go and make coffee. Actually, you haven’t really got time to make coffee as the process takes just a couple of minutes – if that. In this instance, any number of queries can be … [Read more...]
Data Protection
Under the Data Protection Act 1998 (DPA) you must: use personal information fairly and lawfully; collect only the information necessary for a specific purpose(s); ensure it is relevant, accurate and up to date; only hold as much as you need, and only for as long as you need it; allow the subject of the information to see it on request; and keep it secure. Good information handling makes good business sense, and it provides a range of benefits. You'll enhance your business' reputation, increase customer and employee confidence, and by ensuring that personal information is accurate, relevant and safe, save both time and money. Your business has established an appropriate Data Protection Policy? A policy will help you to address data protection in a consistent manner. This can be a standalone policy statement or part of a general staff policy. The policy should clearly set out your business's approach to data protection together with responsibilities … [Read more...]
Power up your business with a Virtual Non-Executive Director
The benefits of Non-Executive Directors are well understood by many successful business owners. They bring an independent view and additional experience that enable better decisions to be made by the management board. Our Home Counties and London Group Business Advisors have developed a Virtual Non-Executive Director (VNED) service that offers Managing Directors and business owners the same independent view and advice without the complexity of shareholdings, appointing legal directors and director’s service agreements. Every company is different and yet there are many similar and transferable aspects from other industries and markets. Our experts are able to utilise their broad business experience and extensive network of contacts to support companies to achieve their strategic objectives. An independent view that challenges existing or new strategies can substantially enhance the robustness of a company’s direction. Sometimes difficult decisions are required to deal with business … [Read more...]
My business is driven by technology – can I claim R&D Tax Credits? My business is driven by technology – can I claim R&D Tax Credits?
Maybe you are creating apps or adapting existing software for cloud delivery (SaaS), or creating tools to make sense of big data, or using CNC machines to mill complex parts, or developing wearable tech or designing new medical devices …… the list is endless. Whatever your angle you will know that technology and what you can do with it, is constantly evolving. But what you may not know is that the skills and knowledge you are investing into technology could mean you can claim generous Government support. The questions to ask are: Do I design innovative products or processes? Do I employ technical staff or technical subcontractors? Is there some uncertainty in how to go about getting the outcomes I’m seeking? Do I spend staff time and money on my designs and developments? If you do, then you really should check your R&D tax credit eligibility. It’s quite easy to find out, quick to do and will cost you nothing. How do I … [Read more...]
6 Important Technological Considerations For A Start-Up
1. Watch the cash! Obviously, for a start-up, this goes well beyond spending money on technology, but it’s important to keep it in mind when choosing software. Where possible, invest in systems that allow you to pay monthly with no tie-in. Even if you feel that your business requires something more bespoke and specific in the medium term, selecting Pay-As-You-Go systems initially can pay dividends. Initial use of a Pay-As-You-Go system will allow you to test your requirements and then purchase a more bespoke solution from a more informed position. Consider things like dedicated or hosted servers, and shared environments, so that you are not spending money on in-house servers and so on. Rarely are these necessary nowadays, and in fact they can limit your flexibility. The online environments are usually available for a monthly fee as well, and this helps cash flow as well as limiting risk. If your requirements change, or if the business fails, you are faced with a … [Read more...]
Impending Employment Law Changes for 2017
As MDs think about the New Year or start planning for the next financial year there are a number of forthcoming employment law changes that may affect you and your business. Gender Pay Gap True this applies only to large employers (employing over 250 employees) but it is likely to be cascaded down to the SME sector in coming years. So why do something about this now? Gender pay gap reporting applies both to bonuses and pay. If there are discrepancies between male and female workers on either score when employees are doing the same job, there are likely to be fines, the cost of immediate remedial action and potential claims for back pay equalisation going back 7 years. The reporting requirement for large employers will be to publish: the difference in mean pay between male and female employees; the difference in median pay between male and female employees; the difference in mean bonus pay between male and female employees; the difference in median bonus pay … [Read more...]
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